QNT351 Week 4 DQ 3

Week 4, DQ 3

Why is the coefficient of correlation an important tool for statisticians? Provide some specific examples from real life.


RESPONSE

To understand how important the coefficient of correlation tool is for statisticians, we must first understand what it is. The Free Dictionary (2013) defines it as, “A statistic representing how closely two variables co-vary; it can vary from -1 (perfect negative correlation) through 0 (no correlation) to +1 (perfect positive correlation).”
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